Anti-Money Laundering services and Combating the Financing of Terrorism (“AML/CFT”) enactment implies serious diligence to be met by reporting entities. Governments worldwide have been working on making the Compliance laws stricter to stop illegal financing through ML.
An association’s AML/CFT controls can be easily sabotaged by a helpless culture of inconsistency. Solid AML compliance in an organisation can help forestall weaknesses and help distinguish issues before them becoming a major problem.
In September 2018, UAE introduced Federal Decree-law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism, and related Regulations were issued under the Cabinet Decision No. 10 of 2019 in February 2019 which requires, followings are liable to register for on goAML platform:
There is a dearth of AML Specialists worldwide. It is a niche technical subject that requires relevant experience and qualification.
AKW has a specialist team of consultants which includes ex-bankers and consultants with relevant AML Compliance experience and ACAMS qualification and have worked on multiple engagements involving development of AML Policies & Procedures for Financial Institutions and DNFBPs, KYC Remediation for UAE Tier 1 banks and Real Estate Companies, Compliance Monitoring and Testing for large banks in Kuwait and Bahrain, setting up CDD Utility and Transaction Monitoring and Sanctions Review team for a multinational bank and providing outsourced Compliance Officer Role for DNFBPs to meet the UAE AML requirements as per Section 8 Article (21) of the Cabinet Decision No.10.